UK home sellers cut prices at a record pace this month, according to data from property portal Rightmove.
The average asking price dropped 1.2% to £373,709, Rightmove said, the second month in a row of declines amid a high supply of houses for sale. It said supply is at the highest in a decade.
London was the biggest regional driver of the cuts, especially in inner London, which saw prices fall 2.1%. Rightmove puts this down to a bigger impact from the stamp duty increases we saw in April, as well as changes to non-dom tax rules potentially impacting investment in the capital.
Rightmove has also scaled back its prediction for house asking prices to rise by 2% this year from 4% due to the high level of seller competition.
Photographer: Bloomberg/Bloomberg
